The deal expands Lilly’s portfolio of medicines with the addition of lebrikizumabfor, for atopic dermatitis and QBREXZA for primary axillary hyperhidrosis
Eli Lilly and Company corporate centre in Indianapolis, Indiana. (Credit: Momoneymoproblemz/Wikipedia.)
Eli Lilly and Company (Lilly) has closed its previously announced acquisition of Dermira, a biopharmaceutical company focused on medical dermatology, at a price of $18.75 per share, for approximately $1.1bn in cash.
With the transaction, Lilly has expanded its immunology pipeline by adding lebrikizumab, an investigational monoclonal antibody currently under Phase 3 clinical development programme, for the treatment of atopic dermatitis in adolescent and adult patients, aged 12 years and above.
Dermira developed QBREXZA for uncontrolled excessive underarm sweating
Lebrikizumab binds to IL-13, a protein that in humans is encoded by the IL13 gene, to specifically prevent the formation of the IL-13Rα1/IL-4Rα heterodimer complex and inhibit its biological effects. Dermira has secured the US FDA fast track designation for Lebrikizumab in December 2019.
In addition, the deal expands the company’s portfolio of marketed dermatology medicines with the addition of QBREXZA (glycopyrronium), a medicated cloth intended for the topical treatment of uncontrolled excessive underarm sweating, a condition called primary axillary hyperhidrosis.
The QBREXZA has been approved by the US FDA to stop the sweat production by deactivation of sweat gland and can be applied directly to the skin.
Lilly senior vice president and Lilly Bio-Medicines president Patrik Jonsson said: “We are pleased to complete the acquisition of Dermira, and look forward to continuing their important work to develop new therapeutic options for patients with chronic skin conditions.”
On the transaction, Evercore served as the exclusive financial advisor and Weil, Gotshal & Manges served as the legal advisor to Lilly, while Citi served as the lead financial advisor, SVB Leerink served as the financial advisor, and Fenwick & West served as the legal advisor to Dermira.